Toronto homebuyers that snapped up a property last month paid more on average than they did a year ago but less than they would have if they closed the deal in May, the Toronto Regional Real Estate Board said Thursday.
The Ontario housing board made the same observation about last month's sales figures and attributed the trends to a mix of market conditions that have left interest in buying a home high but mortgage rates tough to grapple with and supply tight.
"Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available." From February to May, average prices and sales ticked up once more and sellers started to have the confidence to list their homes again.The average home sold for $1,182,120 last month, up 3.2 per cent from the June before. However, the price was below the average of $1,195,929 that homes went for in May.
Condo apartments were a different story, with prices dropping on average by 1.1 per cent from last year. The change was meagre — a mere 0.2 per cent in the 416 — but higher in the 905, where it dropped by 1.1 per cent.
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